FirstService Declares 11% Increase to Quarterly Cash Dividend
February 09 2017 - 11:55AM
FirstService Corporation (TSX:FSV) (NASDAQ:FSV)
("
FirstService") announced today that its Board of
Directors has approved an 11% increase in the quarterly cash
dividend on the outstanding Subordinate Voting Shares and Multiple
Voting Shares of the Company (together, the "
Common
Shares") over the previous US$0.11 per Common Share and
declared a quarterly dividend of US$0.1225 per Common Share. The
dividend is payable on April 7, 2017 to holders of Common Shares of
record at the close of business on March 31, 2017.
This dividend increase marks the second time
that FirstService has raised its dividend by at least 10% since its
spin-off into a new public company in June 2015. With the increase,
FirstService’s dividend on an annualized basis will be US$0.49, up
from US$0.44 per year. This distribution level is well-supported by
the significant free cash flow performance of FirstService’s
businesses and reflects a continued focus on allocating capital
primarily towards its growth initiatives, while simultaneously
providing its shareholders with an incremental return on their
investment.
The dividend on Common Shares is an "eligible
dividend" for Canadian income tax purposes.
About FirstService
Corporation
FirstService Corporation is a North
American leader in the property services sector, serving its
customers through two industry-leading service
platforms: FirstService Residential, North America's largest
manager of residential communities; and FirstService Brands,
one of North America's largest providers of essential property
services delivered through individually branded franchise systems
and company-owned operations.
FirstService generates more than $1.4 billion in
annual revenues and has more than 17,000 employees across North
America. With significant insider ownership and an experienced
management team, FirstService has a long-term track record of
creating value and superior returns for shareholders. The
Subordinate Voting Shares of FirstService trade on the NASDAQ and
the Toronto Stock Exchange under the symbol "FSV".
For the latest news from FirstService
Corporation, visit www.firstservice.com
Forward-looking StatementsThis
press release includes or may include forward-looking statements.
Forward-looking statements include the Company’s financial
performance outlook and statements regarding goals, beliefs,
strategies, objectives, plans or current expectations. These
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results to be materially
different from any future results, performance or achievements
contemplated in the forward-looking statements. Such factors
include: (i) general economic and business conditions, which will,
among other things, impact demand for the Company’s services and
the cost of providing services; (ii) the ability of the Company to
implement its business strategy, including the Company’s ability to
acquire suitable acquisition candidates on acceptable terms and
successfully integrate newly acquired businesses with its existing
businesses; (iii) changes in or the failure to comply with
government regulations; and (iv) other factors which are described
in the Company’s filings with applicable Canadian and United States
securities regulatory authorities (which factors are adopted
herein).
COMPANY CONTACTS:
D. Scott Patterson
President & CEO
(416) 960-9500
Jeremy Rakusin
Chief Financial Officer
(416) 960-9500
FirstService (NASDAQ:FSV)
Historical Stock Chart
From Jun 2024 to Jul 2024
FirstService (NASDAQ:FSV)
Historical Stock Chart
From Jul 2023 to Jul 2024